v3.26.3
Segment, Geographic and Other Revenue Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment, Geographic and Other Revenue Information
2. Segment, Geographic and Other Revenue Information
The Company operates in a single operating and reportable segment for all periods presented and the Chief Executive Officer has been identified as the chief operating decision maker (the “CODM”). The CODM reviews the Company's financial information on a consolidated basis for purposes of allocating resources and evaluating performance. The CODM uses income from operations to measure the profitability of the segment. These amounts are reported on the Condensed Consolidated Statements of Operations. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total consolidated assets.
Effective in the first quarter of 2026, the Company updated the presentation of segment operating expenses provided to the CODM. Amounts previously reported separately as Sales and Marketing and General and Administrative expenses are now presented on a combined basis as Selling, General and Administrative expenses. This change reflects how segment information is currently reviewed by the CODM. Prior‑period segment information has been recast to conform to the current‑period presentation.
The financial data provided to the CODM is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
US:
SUBLOCADE*$252 $203 $707 $561 
Sublingual & other5351160157
OPVEE1
—8—8
PERSERIS2
261219
Total U.S.307267880745
Rest of World4847136137
Net revenue356 314 1,016 881 
Cost of sales51 83 140 179 
Gross profit305 230 875 702 
Operating expenses:
Selling, general and administrative119 154 364 445 
Research and development5 33 33 76 
Total operating expenses125 187 398 521 
Interest (income)(4)(6)(9)(16)
Interest expense2 12 10 39 
Loss on debt extinguishment
— — 18 — 
Income before income taxes182 37 457 158 
Income tax expense (benefit)45 (5)109 50 
Net income$137 $42 $348 $108 
*Total SUBLOCADE net revenue$267 $219 $753 $604 
Depreciation and amortization$1 $2 $5 $8 
Stock-based compensation expense$8 $6 $28 $21 
1Discontinued sales and marketing support for OPVEE® during Q3 2025.
2Marketing and promotional activities for PERSERIS were discontinued in 2024.

Significant segment expenses within net income include cost of sales, selling, general and administrative, and research and development at the consolidated level. Other segment items within net income include operating income, interest (income), interest expense, loss on debt extinguishment, and income tax expense. The Company's CODM is also regularly provided depreciation and amortization and stock-based compensation expense information, both of which are presented above and are recorded within cost of sales and selling, general and administrative expenses.
Revenue recognized from performance obligations satisfied in previous periods was $33 million and $97 million in the three and nine months ended September 30, 2026 and $15 million and $60 million during the three and nine months ended September 30, 2025, respectively.